Retail Stores/Business and Personal Services

Document 4

Retail Stores/Business and Personal Services

Carrier Appetites

The appetite for this class of business is very similar with all of the major carriers. The list of specific classes in the SIC spreadsheet should serve as your guide.

Carrier Enhancements

Travelers

For most classes of business, there an associate Businessowners policy, such as a Store Businessowner or Restaurant Businessowner. This is where the majority of small commercial BOP submissions fall. Depending on number of locations, total property insurance to value and total sales, the Travelers rating system automatically segments submissions into other rating and coverage levels known as the Pac and Pac Plus forms (e.g., Store Pac and Store Pac Plus). When risks move into these higher levels, they are structured as Package policies rather than BOP policies.

For all small business risks, the Property Power Pac Endorsement is the standard property enhancement. In some cases it is automatically attached in the rating process, in others, it is an option for a small additional fee. The Xtend Endorsement is the standard GL enhancement form and it is included on all policies quoted through the Travelers rating system. Enhanced coverages for the enhancement forms include:

Coverage Features for Power Pac Endorsement (MP T9 70)

Topic/Coverage / Without Power Pac Endorsement / With Power Pac Endorsement
Accounts Receivable – At described premises / $25,000 / Current limit increased by $100,000
Accounts Receivable – In transit or at a location other than described premises / $25,000 / Current limit increased by $100,000
Business Income and Extra Expense – Dependent Property / $10,000 / $25,000
Business Income and Extra Expense – Newly Acquired Premises / $250,000 / $500,000
Brands and Labels / None / $25,000
Claim Data Expense / $5,000 / $10,000
Computer Fraud / None / $5,000
Electronic Data Processing Equipment/Data/Media – Electronic Vandalism / $25,000 / $50,000
Electronic Data Processing Equipment/Data/Media – In transit or at a location other than described premises / $25,000 / $50,000
Extended Business Income / 60 Days / 90 Days
Identity Fraud Expense / None / $15,000 (Annual Aggregate Limit)
Limited Building – Tenant Obligation / None / $5,000
Lost Key Consequential Loss / None / $500
Newly Acquired or Constructed Property – Business Personal Property / $250,000 / $500,000
Ordinance or Law – Increased Period of Restoration / $25,000 / $50,000
Ordinance or Law – Tenants Improvements and Betterments / Not Included / Included
Outdoor Trees, Shrubs, Plants and Lawns / $3,000 / $5,000
Unauthorized Business Card Use / None / $5,000
Utility Services Direct Damage – Water, Power and Communication / None / $2,500
Utility Services Time Element – Water, Power and Communication / None / $2,500 Water, Power and additional Communication coverage at each described premises (24-hour waiting period)

Xtend Endorsement®

Automatically included on all quotes done using the Travelers

Select GL Quoting Tool! Includes coverage enhancements such as:

• Fire Damage Liability Extension – perils of fire, explosion,

lightning, smoke, water – limit increased to $300,000

• Blanket Waiver of Subrogation

• Blanket Additional Insured – Managers or Lessors of Premises

• Blanket Additional Insured – Lessor of Leased Equipment

• Injury to Co-employees

• Increased Supplementary Payments

• Unintentional Omission

• Non-owned Watercraft – Increased from 25 feet to 50 feet